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Orexo has received a $2.5m (c SEK22m) milestone from AstraZeneca on the start of Phase I trials for respiratory programme, OX-CLI (also known as AZD9898). Orexo now has two clinical assets (the other being Phase III-ready acute pain programme OX-51) and three preclinical projects (OX-MPI [inflammation] plus two novel formulation technologies). This milestone does not impact FY17 guidance but indicates growing momentum in the early-stage development pipeline. We expect further news on new product opportunities this year; both pipeline project(s) and commercial product(s) for US promotion, in addition to potential EMA approval of Zubsolv (Q417).

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